Panmure Gordon to invest up to £2m in PrimeXtend

22nd Sep 2016 10:56

(ShareCast News) - Institutional stockbroker and investment bank Panmure Gordon will make a cash investment of up to £2m in PrimeXtend, a business focused on the evolution of agency broker services.The investment will be made over a period of ten months, subject to the satisfaction of certain performance milestones, for an initial 49% shareholding and PrimeXtend will operate under Panmure's name.The group said the investment will allow it to develop new agency broking markets across a variety of asset classes to a wide range of institutions that are currently suffering from a lack of liquidity and broker options, through PrimeXtend's processing architecture.Chief executive Patric Johnson said: "The PrimeXtend investment provides Panmure Gordon with excellent diversification opportunities, expanding not only the group's product range but also its clients and territories."We look forward to working alongside PrimeXtend on what we believe is an extremely exciting opportunity."At 1100 BST, Panmure shares were down 0.3% to 45.88p.